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Singapore's Pine Labs acquires Malaysia-based e-commerce platform Fave in $45 million deal

Reuters
·1 min read

KUALA LUMPUR (Reuters) - Singapore-incorporated merchant commerce platform Pine Labs has acquired e-commerce and fintech firm Fave in a cash and equity deal valued at over $45 million, for joint global expansion, the companies said on Tuesday.

In a joint statement, the companies said Fave's investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and shares of Pine Labs.

Fave counts Sequoia India, China-based SIG Asia Investments and Indonesian venture capital firm Venturra Capital as its investors. Pine Labs became an investor in Fave last July, when both formed a strategic partnership.

Fave operates in Malaysia, Singapore and Indonesia, after acquiring Groupon Inc's businesses in those markets in 2016 and 2017. It will be launching in India this year.

(Reporting by Liz Lee; Editing by Krishna Chandra Eluri)